Canadians are very open to innovation and technology in their banking

Most Canadians (67 per cent) say they are open to trying new banking or payment technology, such as depositing cheques by taking a photo with their mobile device or paying at the checkout with a wave of their smartphone, according to a new poll by Canadian Imperial Bank of Commerce (CIBC).

The generation game

The country’s welcoming attitude to FinTech innovation is being driven by the younger generations with 85 per cent of 18-34-year-olds (millennials) saying they are open to trying new banking or payment technology. Older groups such as the baby boomers (55 and older), whilst slower to adopt, are also open to new ways of banking at 51 per cent.

“While the majority of Canadians are open to using innovative ways to bank and make payments, the adoption curve is different across age groups, underlining the importance of finding the right balance for each client,” said David Williamson, senior executive vice president and group head, Retail and Business Banking, CIBC.

Millennials are early

Millennials were more willing to jump in early, before an innovation has achieved wide usage. Six out of ten say they are either early adopters (21 per cent) or fast followers (38 per cent) in using new banking technology.

Baby boomers are late

On the other hand, baby boomers typically wait for an innovation to be widely used before adopting. Only 3 per cent of this group identified themselves as early adopters.

Banking remotely convenient

Just under three-quarters of Canadians said they prefer the convenience of banking remotely, at any time, any place and did not enjoy visiting bank branches.

However, for more complex subjects, two-thirds of respondents would like to talk to a bank representative.

“Clients will choose the method they prefer to address their needs, and it’s up to banks to deliver both in digital innovation and hands on advice. Even the most digitally-savvy client will look for an in person conversation when they have a bigger financial question on their mind,”added Mr. Williamson.

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